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Solar panels installed on the roof of a seafood processing factory in the Mekong Delta. (Photo source: evn.vn)

As the number of solar farms surged in 2018-2019, the Ministry of Industry and Trade has suspended the issuance of new licences for solar farms. This, however, does not cover solar rooftop projects, which still enjoy a purchasing price of 8.39 US cents per kWh. The price point, despite having been scaled down from a previous of 9.35 US cent per kWh, was still largely considered as profitable by investors.

Several preferential policies by the State have also been implemented to shorten the return of investment period to no more than 5-7 years compared to 10-12 years previously, industry insiders have said.

In addition, strides have been made in battery technology that has allowed the production of greater capacity units at lower costs. As solar rooftop technology becomes increasingly economically viable, inpidual households and real estate developers have shown more interest in getting involved. Meanwhile, large-scale installations in industrial zones now boast even greater potential to cut costs.

Last week, SkyX Solar, a subsidiary of VinaCapital, and HCM City-based telecommunications firm Saigontel formed a joint venture to develop a solar rooftop project with a combined capacity of 50MWp in 10 industrial zones in Vietnam’s central and southern regions.

Likewise, real estate developers have wasted no time hopping on the wagon. Developer Novaland and TTC Energy have signed a partnership, which will power Aqua City’s public utility demand with solar-based energy projects.

TTC Energy’s track record includes solar projects with a combined output of more than 700,000kW in Jamona City and Jamona Golden Silk, which the firm claimed help cut emissions by 232 tonnes per year. TTC Energy has also been working with large supermarket chains including Saigon Co.op, Giga Mall Pham Van Dong, cinema chain Galaxy and tourism park Dam Sen.

Traditionally shunned for high costs and dismal efficiency, solar rooftop projects have seen a second wind as more preferential policies were implemented, said HBA’s chairman Nguyen Van Be.

Be said solar rooftop may hold the answer to the country’s energy shortage in the future and could be key to cutting carbon emissions.

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